Investment firms say their participants’ retirement account contributions remain steady, but some are looking for more help Here’s what retirement savers have done in response to this economic environment, according to investment firms:
Retirement investors for the most part are staying the course, despite market volatility and rising inflation and interest rates — instead of deviating from their plans and halting contributions in a panic.
Of course, market volatility did push these investors’ account balances downward, but not as much as market declines in the second quarter, Fidelity said. The average IRA balance was $110,800 in the second quarter, down 17.9% from the same time last year, while 401 average balances dropped to $103,800 in the same quarter, down 20% from a year before. The average 403 account balance was $93,300, an 18% decline from a year ago.
Principal, another investment firm that oversees retirement accounts, said about 2.44% of participants made a transfer — a 13% increase from the same time last year. But a majority — 86.2% — of its participants maintained their contribution rates.
Since 2021, more investors have also been turning to personal finance and retirement planning content, seeking information about Social Security claiming, healthcare costs and withdrawal strategies, said Josh Dietch, vice president and head of retirement thought leadership at T. Rowe Price TROW, -1.33%.Although contributions remain steady, financial stress is evident, Schwab’s Voris said.
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